PCYO on Nasdaq

PURE CYCLE CORP

We are a diversified water and wastewater service provider, land developer, and home rental company.4 From its latest annual report

Price unavailable

Last updated Oct 19, 2026.

Overview

$26.1MRevenue, fiscal 20252
$13.1MNet income, fiscal 20252

Compare with CADIZ INC, Global Water Resources, Inc. or The York Water Company, or pick any stock.

  • TickerPCYO on Nasdaq1
  • IndustryWater Supply1
  • HeadquartersWatkins, Colorado1
  • Incorporated inCO3
  • Business address34501 E. Quincy Ave, Bldg. 34, Watkins, Co 801373
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent. Each of our businesses providing water and wastewater services, land development and single-family home rentals generates attractive recurring monthly income.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.4%Gross margin2
29.4%Operating margin2
50.3%Net margin2
-9.3%Revenue growth, 20252
9.2%Return on equity2
0.04×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Lot Sales brought in 40% of the revenue PURE CYCLE CORP broke down this way in fiscal 2025.

  1. Lot Sales$13.7M240%down 14% from 2024
  2. Water and Wastewater Tap Fees$7.3M221%up 117% from 2024
  3. Water Tap Fees Recognized Excluding Waste Water Tap Fee$5.9M217%up 103% from 2024
  4. Water And Wastewater Activities$3.0M29%down 59% from 2024
  5. Wastewater Tap Fees$1.4M24%up 180% from 2024
  6. Special Facility Projects$800.0K22%down 11% from 2024
  7. Special Facility Projects and Other$785.0K22%down 12% from 2024
  8. Project Management Fees - Recognized$781.0K22%up 10% from 2024
  9. Single Family Rentals$496.0K21%up 3% from 2024
Products and services by year
Products and services20242025
Lot Sales$16.0M$13.7M
Water and Wastewater Tap Fees$3.4M$7.3M
Water Tap Fees Recognized Excluding Waste Water Tap Fee$2.9M$5.9M
Water And Wastewater Activities$7.3M$3.0M
Wastewater Tap Fees$500.0K$1.4M
Special Facility Projects$900.0K$800.0K
Special Facility Projects and Other$894.0K$785.0K
Project Management Fees - Recognized$707.0K$781.0K
Single Family Rentals$481.0K$496.0K

Business segments

Land Development brought in 58% of the revenue PURE CYCLE CORP broke down this way in fiscal 2025.

  1. Land Development$15.3M258%down 13% from 2024
  2. Water and Wastewater Resource Development$10.3M240%down 3% from 2024
  3. Single Family Rentals$496.0K22%up 3% from 2024
Business segments by year
Business segments20242025
Land Development$17.6M$15.3M
Water and Wastewater Resource Development$10.7M$10.3M
Single Family Rentals$481.0K$496.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue37¢$10.1M
  • Income tax16¢$4.4M
  • Profit48¢$13.1M

Out of $26.1M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks3¢$397.0K
  • Kept or used elsewhere97¢$12.8M

Out of $13.2M of cash from operations.2

Financial statements

Revenue56789102$26.1M in 2025+275% since 2018
0$10.0M$20.0M$30.0M2018: $7.0M$7.0M20182019: $20.4M$20.4M2019+193%2020: $25.9M$25.9M2020+27%2021: $17.1M$17.1M2021−34%2022: $23.0M$23.0M2022+34%2023: $14.6M$14.6M2023−37%2024: $28.7M$28.7M2024+97%2025: $26.1M$26.1M2025−9%
Gross profit56789102$16.0M in 2025+473% since 2018
0$5.0M$10.0M$15.0M$20.0M2018: $2.8M$2.8M20182019: $6.4M$6.4M2019+129%2020: $7.5M$7.5M2020+18%2021: $10.7M$10.7M2021+42%2022: $16.4M$16.4M2022+53%2023: $8.0M$8.0M2023−51%2024: $19.8M$19.8M2024+146%2025: $16.0M$16.0M2025−19%
Operating income56789102$7.7M in 2025
-$5.0M0$5.0M$10.0M$15.0M2018: -$308.7K-$308.7K20182019: $3.0M$3.0M20192020: $1.5M$1.5M2020−50%2021: $5.3M$5.3M2021+248%2022: $10.1M$10.1M2022+92%2023: $2.1M$2.1M2023−79%2024: $12.2M$12.2M2024+491%2025: $7.7M$7.7M2025−37%
Net income56789102$13.1M in 2025+3061% since 2018
0$10.0M$20.0M$30.0M2018: $414.7K$414.7K20182019: $4.8M$4.8M2019+1060%2020: $6.8M$6.8M2020+40%2021: $20.1M$20.1M2021+198%2022: $9.6M$9.6M2022−52%2023: $4.7M$4.7M2023−51%2024: $11.6M$11.6M2024+147%2025: $13.1M$13.1M2025+13%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-08-312024-08-31
Total revenues$26.1M$28.7M
Total cost of revenues$10.1M$9.0M
General and administrative expenses$7.8M$6.9M
Depreciation$590.0K$596.0K
Operating income$7.7M$12.2M
Interest income$3.3M$2.8M
Interest expense-$426.0K-$439.0K
Oil and gas royalty income, net$6.7M$795.0K
Other, net$300.0K$197.0K
Income from operations before income taxes$17.5M$15.6M
Income tax expense-$4.4M-$4.0M
Net income$13.1M$11.6M
Basic (in dollars per share)$0.54$0.48
Diluted (in dollars per share)$0.54$0.48
Weighted average common shares outstanding, Basic (in shares)24.1M shares24.1M shares
Weighted average common shares outstanding, Diluted (in shares)24.2M shares24.1M shares

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Leadership

Who has led PURE CYCLE CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mark W. Harding2016–now

President

  1. Mark W. Harding2006–2020

Chief financial officer

  1. Mark W. Harding2006–2020
  2. Kevin Blain McNeill2020–2023
  3. Marc Stephen Spezialy2023–now
2010201520202025
Board members and other officers (16)

Timeline

  1. Oct 14, 2016New chief executive Mark W. Harding becomes CEO15

Filings

139 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 32 major events, 57 insider forms, 14 large holders, 16 other. The latest 20:

  1. Sep 23, 20264 EDGAR
  2. Sep 18, 20264 EDGAR
  3. Sep 18, 20263 EDGAR
  4. Sep 17, 20264 EDGAR
  5. Sep 17, 20264 EDGAR
  6. Sep 1, 20263 EDGAR
  7. Aug 25, 20268-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G/A EDGAR
  9. Aug 10, 2026DEFA14A EDGAR
  10. Aug 6, 2026SCHEDULE 13D/A EDGAR
  11. Jul 9, 2026SCHEDULE 13D/A EDGAR
  12. Jul 9, 20268-K EDGAR
  13. Jul 8, 202610-Q EDGAR
  14. May 26, 20268-K EDGAR
  15. Apr 9, 20268-K EDGAR
  16. Apr 8, 202610-Q EDGAR
  17. Jan 16, 20264 EDGAR
  18. Jan 16, 2026SCHEDULE 13D/A EDGAR
  19. Jan 16, 20268-K EDGAR
  20. Jan 15, 20264 EDGAR

The 139 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 0 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 17, 2025Plaisance Capital LLC10% ownerSale68,778$11.01$757.2KForm 4
Nov 21, 2024Plaisance SPV I, LLC10% ownerSale20,000$13.10$262.0KForm 4
Aug 7, 2023HARDING MARK WCHIEF EXECUTIVE OFFICERSale8,867$12.23$108.4KForm 4
Aug 4, 2023HARDING MARK WCHIEF EXECUTIVE OFFICERSale4,688$12.42$58.2KForm 4
Aug 3, 2023HARDING MARK WCHIEF EXECUTIVE OFFICERSale6,445$12.52$80.7KForm 4
Apr 28, 2023McNeill Kevin BlainCHIEF FINANCIAL OFFICERSale4,450$9.89$44.0KForm 4
Nov 30, 2022Plaisance Capital LLC10% ownerSale33,500$10.24$343.0KForm 4
Nov 30, 2022Plaisance Capital LLC10% ownerSale33,500$10.24$343.0KForm 4
Nov 29, 2022Plaisance Capital LLC10% ownerSale16,500$10.21$168.5KForm 4
Nov 29, 2022Plaisance Capital LLC10% ownerSale16,500$10.21$168.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Magnolia Group, LLC1,795,421$19.2M4.0%−119,138
BlackRock, Inc.1,397,370$15.0M0.0%+25,501
Vanguard Capital Management LLC927,930$9.9M0.0%+12,123
Sapient Capital LLC685,024$7.3M0.1%−3,335
Heartland Advisors Inc611,309$6.5M0.3%−15,955
Geode Capital Management, LLC548,230$5.9M0.0%+38,777
Kennedy Capital Management LLC514,431$5.5M0.1%−10,624
Dimensional Fund Advisors LP468,979$5.0M0.0%+3,964
Gem Investment Advisors, LLC449,829$4.8M3.0%No change
State Street Corp446,656$4.8M0.0%−704
First Wilshire Securities Management Inc418,677$4.5M0.9%−8,010
MYDA Advisors LLC394,591$4.2M1.0%+36,849
ArrowMark Colorado Holdings LLC385,122$4.1M0.2%−165,585
Cannell Capital LLC314,640$3.4M2.4%New
Bard Associates Inc311,023$3.3M0.7%−2,792
Curi Capital, LLC294,033$3.1M0.0%−10,512
Epiq Partners, LLC258,962$2.8M1.2%+1,445
Morgan Stanley238,866$2.6M0.0%+16,429
Peapod Lane Capital LLC186,734$2.0M1.3%New
Northern Trust Corp164,653$1.8M0.0%−11,556
Vanguard Fiduciary Trust Co156,222$1.7M0.0%+8,520
Vanguard Portfolio Management LLC132,721$1.4M0.0%+12,302
Cannell & Spears LLC114,000$1.2M0.0%No change
Blair William & Co/il112,965$1.2M0.0%−32,311
Goldman Sachs Group Inc110,301$1.2M0.0%−9,852

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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